Question 1 What is the importance of studying economics? Give an example how it can help you. Question 2 What is your observation regarding market/individual demand and supply for customer goods and services during the current crisis of COVID 19? You can use example(s) of any goods to explain your answer.
Question 1
What is the importance of studying economics? Give an example how it can help you.
Question 2
What is your observation regarding market/individual demand and supply for customer goods and services during the current crisis of COVID 19? You can use example(s) of any goods to explain your answer.
Question 3
5.1) Jane has RM500 a week to spend on clothing and food. The price of clothing is RM25 and the price of food is RM10. The clothing and food pairs in Jane's choice set include ________ units of clothing and ________ units of food.
5.2) Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be __________
5.3) Ted has $600 a week to spend on clothing and food. The price of clothing is $30 and the price of food is $5. What is the equation for Ted's budget constraint, assuming he spends his entire budget? ______________________
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